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The Mumbai High Court has granted relief to Abu Dhabi Commercial Bank Limited by allowing the withdrawal of an appeal against a disputed income tax claim valued at ‘nil’.
The petitioner, Abu Dhabi Commercial Bank (ADCB), a subsidiary of the Abu Dhabi Investment Council, is a provider of conventional and Islamic banking solutions to individuals, high net worth individuals, government and corporate clients.Banks also provide other services such as foreign exchange, Islamic Banking, Brokerage, Cash Management, Sukuk Trading, etc. ADCB is headquartered in Abu Dhabi, UAE.
Judges Kamal Khata and Dhiraj Singh Thakur’s Chamber Judges stated, “On careful reading of the documents, the claims at issue in the appeal appear to have ‘nil’ value. In notification.
Circular No. 3/2018 dated 11th July 2018 has been superseded by Circular No. 17/2019 dated 8th August 2019 to improve the Ministry’s standing before the Income Tax Appellate Tribunal, High Court and SLP/Appeal Amount limit for filing an appeal Supreme Court to reduce litigation.
The circular mentions:-
· The Assessor shall calculate the tax implications separately for each of the assessed issues for each assessment year. If, as far as the assessee is concerned, the issue in dispute arises in more than one year of assessment, an appeal may be lodged for that year of assessment or for the year in which the tax effect of the issue in dispute exceeds the monetary limit.No appeal for one or more assessment years where the tax effect is below the monetary limit
· In addition, no appeal may be lodged for one or more years of assessment where the tax effect is less than the monetary limit even if any compound order of the High Court or Appellate Body concerns more than one year of assessment and issues common to more than one year of assessment
· If a compound order/judgment involves more than one assessee.Each assessee should be treated separately
The judge further stated, “In light of this, counsel seeks to withdraw the appeal. If the IRD concludes, for any reasonable reason, that the appeal should not be withdrawn because the claim at issue in the appeal is not covered by the said circular, the appeal will be withdrawn, and Free to appeal again to the court for reinstatement of this appeal.”
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Abu Dhabi Commercial Bank Limited v Director of Income Tax
Citation: 2023 TAXSCAN (HC) 713
Appellant’s Attorney: Mr. Wang Atul Jasani
Respondent’s Counsel: Mr. Suresh Kumar
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